Find the best broker for your trading or investing needs Alphabet Inc.’s Google (GOOGL

GOOGL
Alphabet Inc
1,053.15
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) is working on a blockchain-related technology that is aimed at supporting cloud business, according to Bloomberg News.  Blockchain- based services have enabled numerous startups to offer novel online services, assuring customers that their information is more secure and more efficiently managed compared to the traditional methods of online data hosting. Such new offerings are proving to be a tough competitor for  various technology companies, especially the ones operating in the hosted solutions space, like the cloud-based data storage.

Digital ledgers like blockchain allow the secure recording of transactions and processing of data points over the Internet or other private networks. Because they are more secure and efficient in storing and retrieving key business data and content, businesses are increasingly moving to digital ledgers and blockchains.  Additionally, businesses are also wary of the risk of having only a single company host their key business data.

The decentralized nature of blockchain is preferred by such businesses for better security and risk management of their content. With a growing number of online services now available on the blockchain platform, it poses a natural threat to the traditional internet-based businesses.

Technology giants like Google are taking an inclusive approach to fend off such competition. If you can’t beat them, join them!

Google is said to be venturing into the blockchain space to complement its cloud business, as it faces stiff competition not only from other cloud providers, like Microsoft Corp (MSFT

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Microsoft Corp
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) and Amazon.com Inc (AMZN

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Amazon.com Inc
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), but also from the many other new-age blockchain service providers. (For more, see How Amazon Competes With Google.)  “The Alphabet Inc. unit is developing its own distributed digital ledger that third parties can use to post and verify transactions,” according to a person familiar with the matter quoted by Bloomberg.  The company is also expected to offer a white-label version of its distributed digital ledger. Read more from investopedia.com…

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